I had a talk with my mom today. I am 57 and she is 75.
In 1974 my mom and dad both worked for the federal government civil service. We lived in the East Bay Area in California, San Leandro.
My mother earned $13 per hr. driving a forklift and towing aircraft. That same job today pays $19 per hour. Her gross income at $13 per hour was $27k.
In 1974, she bought our first home in San Leandro for $24k – less than her total gross annual income. The mortage payment was $180 and was a 15 yr mortgage. She bought a 1975 Honda CVCC (civic) brand new for $2,200, about 10% of her total gross annual income.
That house is now $691k and the average cost of a new vehicle is$48k (2xs the cost of a house in 1974)
If my mother had the same job today at $19 an hour, on her own she would not even qualify to buy the same house let alone pay it off in 30 years. It is now 17.5 x's her annual gross income, and a car would be 1.2 x's her annual gross income.
This is wage theft.